HomeMy WebLinkAboutResolution - 1580 III
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1�1 RESOLUTION NO. 1580
1 A. RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF SAN JACINTO, CALIFORNIA,
3 AUTHORIZING THE SUBMISSION OF INFORMATION
FORM TO THE MORTGAGE ALLOCATION COV,"ITTEE
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51' THE CITYAND ORDERSOASCFOLLF TTD
HE CITY OF SAN uACIGTO HEREBr FINDS, DETERMINES, RESOLVES
6I Section 1. The City 'tanager of the City of San Jacinto is hereby author-II
7 ized and directed to submit to the Mortgage Bond Allocation Committee of the
9 State cf California the Submission Information Form attached hereto as Exhibit
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91I "A", and to do all things and acts which are required by law or which nay be
10 necessary cr desirable to facilitate the submission of such form and the
11I mortgage financing contemplated thereby.
12 Section 2. The City Clerk shall certify to the passage and adoption of
19 this resolution and the same shall take effect and be in force.
14 MOVED, PASSED AND ADOPTED this 19th day of 'larch 1985 by the following
15 vote:
16 AYES: Councilmen Rose, Visser, Stevens, Divine and Stuart
17 NOES: None
13 ABSENT : None 7
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79� �fTr'IN None
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22 I zbuty City Clerk v
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2411 CERTIFICATE
25'� The foregoing is certified to be a true copy of Resolution No. 1520
2611 duly adopted by the said City Council or' the City of San Jacinto on the date
27 therein set forth.
281 ,
'pfl Ceouty City Clerk
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SIAIE Oi CAIWCANIA Mali lo:
Mortgage bond Allocation committ Exec. Sew IM.a.A.C.
SUBMISSION INFORMATION FORM P.O.`Boe 1919
Sacramento,CA 95809
I.P'--ne and Address of Isomers
City of San Jacinto
201 E. Main Street For Assislooce or lnlorma6on
San Jacinto, CA 92383 Call,(916)dd5�1
2.Authority lot Issuance of Bandss 3.Type of Program,
A.Type of Salw Private
AB1355 or SB99 Public X
5.Deportment Responsible for Administration of the Program:
City Managers Office
6,Purpose of Bond Issues
To provide below market mortgage funds to increase the
stock of affordable housing,
7. Dune of Issue, B.Dab of Propowd Soler
$ 10,000,000 Entitlement Mid 1986
9,APPlicolion al Bond Proceeds,
Coat of Issuance 2%
lu.Us!all oppGcoble lees and lee tcheduless
Approximately 4.5 points from participating developer
1 1. 'u Oil eeserves m Bond Progromr
Capital Reserve Fund
12,Else all inturonce programs,
Private Mortgage Insurance
Special Hazard Insurance
Standard Hazard Insurance
TTM
"y..some uad soles price limitatiuna in dw propro vu
Income: 150% and/or 120% of the median household income.
Sales Price: 110% of the average area purchase price.
14,r..e o beiel summary of oil redemplfon provisions of the issues
Special Mandatory Redemption
Mandatory Sinkingg Fund Redemption
Optional Redemption
S. yaa ow,appl od I«o boird rctp®,Pi'd+give the dale of applicationi
Moody's March 1985 Slaradard and Poor's March 1985
1 is you�easner�G+rpy+liad IPr n ratwRg,p!c+3+�s•-s:!s s.':sn,.ad�c!e..rlatr, a+n}:'r�w.�, :rrxiya
a'�6dY s $iundaed and Poot's
ll you don)plan to apply,pieou explain why.
16.tisl the Panne and address of Bond Counsels
CERIIHCAIIONa I terWr that the Information provided in this Submission Information Form is hue
and emreda
Ross Hammar City Manager
�Nm ,A was po ubL tmr d n hp®m Ps6e
March 26, 1985
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